Financial Risk Manager

Financial Risk Manager

AIA Group
5-8 years
Not Specified

Job Description

Bring your career aspirations to life with AIA!The Financial Risk Manager must add value by applying his/her rigorous actuarial training which equips him/her to provide a 360-degree view of the organisation's financial risk profile by applying qualitative and quantitative insights and measurements. The Financial Risk Manager must align the financial, product and operational risk impact to business strategy.
Risk Management and Compliance
  • Hold overall accountability over risk assessment of financial models and assumptions, profitability analyses together with its impact on operational risk
  • Support embedding strong GRC culture across the business.
  • Responsible for providing strategic and financial insights to Head Risk
  • Lead the conversation with various stakeholders on Financial Risk Management
  • Confidently handle various stakeholders requests
  • Provides risk oversights, challenge and analytic insights on assets and its interaction with liabilities on the balance sheet
  • Perform Risk and Control Assessments (RCA) or ICFR risk review for financial risk related teams
  • Perform agency compensation and other financial risk related initiatives review
  • Review business case risk analysis related to financial or strategic risks including agency initiatives
  • Review business risks in line with emerging risks
  • Work with first line and Risk and Compliance Team for the effective implementation of all risk and compliance projects and activities, tools, including but not limited to Top-down risk assessments, RCA, risk incidents, PIA, Data Privacy, etc.

  • Identify possible risk and compliance issues, develop recommendations and work with the business to come-up with action plans and timelines to mitigate risks.
  • Provide overall tracking of key financial risks on a weekly basis.
  • Draft review and maintain on an ongoing basis, local policies and guidelines to supplement effective implementation of the framework within the Work Scope.
  • Lead and implement risk management (local or Group Office driven) initiatives affecting the aforementioned Work Scope.
  • Work with Philam Risk and Compliance teams to define support requirement during the year or at any given circumstance.

Governance and Regulatory Requirements
  • Submits periodic reports/dashboards to Head of Risk on all financial risk and compliance activities.
  • Provides monthly report or quarterly report to Risk and Compliance team for purposes of management and Board risk committee meetings.
  • Provide monthly report to Head of Risk for risk and compliance matters on financial risks
  • Report status of Risk and Compliance initiatives/issues to financial risk management committee and the ALCO.
  • Attend to the needs of the ALCO
  • Ensure quality of work and reports submitted to Head of Risk and management.
  • Sit at the relevant Board and Risk and Compliance committees to discuss and present risk and compliance issues
  • Proactively propose actions as and when the BUs run the risk of breaching appetite, tolerances or limits.
  • Conduct periodic reviews of the overall effectiveness of the end-to-end financial risk management and governance processes and propose necessary changes.

Training and engagement
  • Conduct Training on changes in laws and regulations in relation to financial risk management processes
  • Support embedding strong GRC culture across the business

Reporting & Escalation
  • Escalate key risks and actual/potential non-compliance incidents to the Head of Risk and Chief Risk Officer to ensure that potential risks or incidents are managed effectively. Monitor implementation of corrective actions to remediate any identified deficiencies.
  • Ensure timely and quality reporting to Group Risk on regular basis in all relevant aspects of risk and compliance.
  • Produce BU and Philam Group-level financial risk dashboard, tracking the evolution of the product and financial risk profile and recommend commentary/actions where advised for.
  • Develop, compile and report KRl's, risk exposure measures and other relevant management information to assist the GRMC in understanding the financial risk profile and overseeing financial and strategic risk management
  • Monitor financial and strategic risks and provide senior management with a second opinion of said risks profile
  • Proactively escalate. financial and strategic risk-related concerns to the appropriate risk committees
  • Complete the BAU financial risk reports such as the quarterly financial risk pack, strategic risk monitoring, financial watchlist, QMR, risk related reports in budget pack, etc

Business engagement
  • Proactively engage with business and provide advice guidance to mitigate key risks and compliance and reputational issue. Strengthen risk and compliance engagement to educate and increase awareness of regulatory developments and ethics compliance risks.
  • Proactively monitoring relevant internal developments and regulatory & industry developments and initiating necessary action.
  • Provide risk and compliance subject matter expertise support to the First Line.

Policies and Procedures
  • Provide recommendations to improve compliance with policies, standards and external requirements and continually analyzing for opportunities for process optimization relating to the Work Scope above.
  • Conduct annual gap analysis on the Group Policies vs regulations vs local policies.
  • Localize and tailor fit Group Policies, if needed, and embedded in financial risk management operational process taking into consideration the peculiarity of the local business.
  • Monitor implementation and ensure that implementation is within the agreed time frame

  • Perform activities required by Head of Risk and Chief Risk Officer, as it arises.
  • Attend (as a member) of various committees and make recommendations in a manner that shows both strategic and tactical thinking
  • Work successfully and serve as a liaison to corporate-wide Group Risk and Compliance initiatives on areas related to financial, product and operational risks.
  • Efficiently manage and monitor open audit items from internal external audits to ensure completion of remediation activities defined in the agreed action plans and risk treatment plans
  • Support leadership teams to develop and expand continuous monitoring processes to .assess compliance with other regulatory standards and requirements.
  • Coordinate with regulators, as necessary.

  • Bachelor's degree in Mathematics, Statistics, Accounting, Economics or Business with over 5 years of solid work experience in the financial industry handling financial and product risks, investments or actuarial, preferably in the insurance industry.
  • Associate of the ASP or the SOA
  • Preferably CERA track
  • Excellent interpersonal and communication skills and self-motivated.
  • Excellent written and spoken communication skills in English and local language.
  • Independent and be able to work under pressure
  • Organized, analytical with good level of strategic and tactical knowledge
  • Possess strong leadership, coaching and influencing skills business acumen problem solving skills
  • Good understanding of process management and design, change management, internal controls and risk management
  • High level of integrity and take ownership and accountability of results

Job Details

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About AIA Group

For more than a century, AIA has strived to make a significant, positive impact for our customers and communities across Asia, reinforced by our Purpose : to help millions of people live Healthier, Longer, Better Lives . Our Purpose guides the decisions we make and the actions we take as an organisation - empowering and enabling people to understand and manage their health, while meeting their long-term savings and protection needs. We believe that helping to create a healthier Asia is one of the most important and valuable things we can do for our communities, today and in the future.

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